A surpising "negative" rating for a family of Charles Schwab target date funds is bringing some new focus to the challenges of managing those products.

Morningstar issued the rating last week, citing consistent overturn in the management of Schwab's TDFs and a lack of experience among those in charge of the products.

According to a report by Morningstar analyst David Falkof, that frequently changing list of manager has included Daniel Kern, who oversaw the products from Oct. 2008 until last year, followed by Mike Gilliam, a Schwab veteran who handled the TDF holdings for just seven months.

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